The group focused on creating the Tesla Motors CEO's high-speed train concept has determined an official name and landed partners to get the project moving.

JumpStartFund, based in El Segundo, floated several names on its website for a public vote. Scratch Tube X, Terra Tran, Loopola and ScramTram from the list of contenders — Hyperloop Transportation Technologies Inc. is the name that stuck, Mashable reports.

The newly formed transportation company has also landed former SpaceX mission director Marco Villa and former president of the American Society of Civil Engineers Patricia Galloway to provide technical advice and lead community interaction. JumpStartFund CEO and founder Dirk Ahlborn will serve as interim chief exec and handle overall direction and administrative direction of the Hyperloop project.

Engineering software developer Ansys Inc. will also help out with technical support while supply chain specialists GloCal Network Corp. will provide manufacturing support. UCLA's SupraStudio architectural design program will contribute urban planning and design treatment ideas.

When it comes to funding, Hyperloop Transportation Technologies is exploring venture capital and crowdfunding possibilities. Musk has previously said he believes the high-speed train can be built for about $6 billion.

Other important details revealed Thursday involve a rough timetable for project milestones. The group plans to have a research paper detailing technical specifics of Hyperloop by March 2014, followed by a prototype design that will go up for construction bidding in June 2014. According to the article, Hyperloop Transportation Technologies hopes to have a working prototype in motion by 2015.

The Hyperloop idea has been floating around since 2012. Check out this article on why project supporter Ansys, makers of simulation software that helps engineers see how their designs would fair in the real world, said the physics would work.